Lehman Brothers
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Lehman Brothers

Lehman Brothers
Lehman Brothers
Lehman Brothers, one of the largest investment banks in the United States, filed for bankruptcy in the early hours of September 15, 2008, after an exodus of clients, drastic falls in its stock prices and downgrades by credit rating agencies. Its collapse has been described as a key point in the global financial crisis, with some commentators referring to a “Lehmans Moment”.
Hong Kong is rolling out the red carpet for financial firms to set up offices in the city. Photo: Nora Tam
Banking & finance

Hong Kong gets a boost as 3 global hedge funds open offices, recruit staff

Hudson Bay Capital, Sona Asset Management and Centiva Capital are setting up shop in the city, according to sources.

Millionaires and billionaires

Meet Blackstone CEO Stephen Schwarzman’s wife of nearly 30 years, Christine

Climate change

Outside In | The world is speeding to hell in a shopping cart

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Millionaires and billionaires

5 of New York’s richest billionaires – net worths, ranked: from media to tech

Ever wondered how the Big Apple’s billionaires made their money? Here’s exactly how they did it – and what some have planned for it once they’re gone

Michael Bloomberg, Julia Koch and Rupert Murdoch are three of the richest people in New York. Photos: @mikebloomberg, @julia_margaret_flesher_koch/Instagram; AFP
Fame and celebrity

Nick Loeb’s ‘weird’ battle for ex Sofía Vergara’s embryos, aka ‘his daughters’

Outspoken pro-lifer Nick Loeb has been causing headaches for his ex Sofía Vergara as he battles to use the couple’s frozen embryos – and even says he’s named them

China economy

Opinion | How China’s stock rout was 8 years in the making

In 2015, Xi’s men pulled out all the stops to halt the financial haemorrhaging. This time, amid debt and property crises and doubts over reforms, investors wonder why Beijing has been dragging its feet.

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China's economic recovery

China’s ‘Lehman Moment’? Which domino will fall next as property crisis grows?

Struggles by China Evergrande Group and now Country Garden have underlined the problems faced by China’s property sector, leaving investors, homebuyers and economists to ponder what will be next.

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Global investors, Chinese homebuyers and economists are now holding their breath to see which domino will be the next to fall, and what tools Beijing can use to prevent its own so-called Lehman moment. Illustration: Davies Christian Surya
Hong Kong economy

Letters | Cryptocurrency chaos an ideal time for Hong Kong to develop market rules

Readers discuss why Hong Kong’s announcement of a policy statement on virtual assets is timely, and the need for more scrutiny for companies under the technology voucher programme.

Hong Kong at 25

July 22, 2009: Bank payouts on Lehman Brothers minibonds to top HK$6 billion

Banks will repay at least HK$6.3 billion to 29,000 people who bought Lehman Brothers minibonds in what is likely to be the world’s largest compensation package for retail investors.

Banking & finance

Evergrande default ‘unlikely’ to threaten China’s banking system

An expected default by China Evergrande, the world’s most indebted developer, is worrisome but unlikely to threaten the stability of China’s financial system, according to research analysts.

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Evergrande’s headquarters in Shenzhen. Photo: AFP
Energy

One forecast sees Brent crude going as low as US$5 a barrel

Citigroup said its base case is that Brent would average US$17 a barrel or lower in the second quarter, with a bear case of a US$5 average.

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A taxis fills up at a petrol station in New York. Oil prices have been falling as global demand has been slumping because of the coronavirus pandemic. Photo: Reuters
Coronavirus pandemic

China set to cut interest rate to offset coronavirus damage

Hong Kong followed the United States, Australia and Malaysia in announcing an interest-rate cut in response to the economic impact of the coronavirus outbreak.

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Japan

Japan enacts legislation making preschool education free

Bill was passed by the House of Councillors on Friday, amid criticism that the government should first focus on reducing the number of children on waiting lists.

Banking & finance

How modern banking practices risk another global financial crisis

Recent disputes in HSBC and Deutsche Bank highlight the banking industry’s disease of risking implosion to focus on big profits.

People walk past the HSBC logo in Central District on October 29. HSBC posted strong third-quarter profits, despite a leaked memo, revealed in September, from investment bankers that criticised the company’s “utterly failed” investment banking strategy. Photo: EPA-EFE
Global Financial Crisis of 2007-2008

Inside Out | Seven lessons learned in the decade since Lehman Brothers crash

Christie's employees carry a Lehman Brothers sign at the auction house’s offices in central London in this file photo from September 24, 2010. Photo: Reuters
Global Financial Crisis of 2007-2008

Abacus | Lehman crash, 10 years on: nearly all you read will be wrong

Bankers did not cause the 2008 financial crisis, governments did. And in failing to learn from their mistakes, they have made another crash inevitable

Consumers

Why there is a growing demand for mystery shoppers in Hong Kong

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The View

The View | Have banks learned anything from the 2007 financial crisis?

The best preparation against catastrophe is tough regulation, enforcement and equity protection. Markets may be self-correcting and clearing, but bad regulatory policies are not.

Banks agree derivatives rule to end 'too big to fail' scenario

The US$700 trillion financial derivatives industry has agreed to a fundamental rule change from January to help regulators to wind down failed banks without destabilising markets.

Six years on, we still haven't learned the real lessons from Lehman collapse

On Monday, it will be six years since the collapse of Lehman Brothers. With the US economy still operating below par and Europe struggling to stay above water, the question is whether the right medicine was given after 2008.

China economy

Why China cannot have a 'Lehman moment'

State backing has it covered
Global Financial Crisis of 2007-2008

Scarred by the financial crisis, families around the world play safe with their money

The British spent 3 per cent less in 2012 than in 2007. Photo: AP
Focus

Too big to jail? Inside the failed Lehman inquiry

The Securities and Exchange Commission's (SEC) eight-member Lehman Brothers team, having hit one dead end after another over the previous two years, concluded that suing the bank's executives would be legally unjustified.

Who suffered most and least from the Lehman crash

As we approach the fifth anniversary of the Lehman Brothers crash in September 2008, we might well ask: have we fixed the problems?

Royal Bank of Scotland

RBS agrees to buy back structured notes sold by Lehman at 100pc

RBS is the latest bank to reach a settlement with the Securities and Futures Commission and the Hong Kong Monetary Authority after investigations into whether bank staff mis-sold risky products to customers.

RBS agrees to buy back Lehman products at 100pc. Photo: AFP

Memory of Lehman curbs Hong Kong retail investor access to bonds

If you want to invest in equities, you can buy stocks, mutual funds, exchange-traded funds, warrants and equity-linked notes, along with an array of insurance instruments that link to equity funds.

Minibond investors in protest.

Hong Kong mediation centre aims to end Lehman minibonds investor pain

Although the taxpayer-funded Financial Dispute Resolution Centre has handled far fewer cases than expected in its first 10 months of operation, industry players say it has made banks and brokers handle client complaints more seriously.

18th Party Congress

Talking Points

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